Loan Collateral Item Detail

Screen ID: 

Screen Title: 

Panel Number:

ULNCLM – A

Collateral Identification

2327

Click here to magnify

Field Name

Description

Collateral type

A code and description of the type of collateral, defined in system configuration.

SEE ALSO: Configuring Collateral Types

Make
or
Description

A description of the collateral item. For automobile or similar collateral types, use this field to enter the make of the vehicle (e.g., “Ford” or “Toyota”).

Model
or
Additional desc

For automobile or similar collateral types, use this field to enter the model of the vehicle (e.g., “Taurus” or “Camry”).

For stock collateral types, use this field any way you wish to describe the collateral being pledged.

Year
or
Stock type

For automobile or similar collateral types, enter the year of manufacture.

For stock collateral, enter one of your credit union's configured stock type codes.

Identification No.
or
No. of shares

For automobile or similar collateral types, enter the Vehicle Identification Number (VIN). For other miscellaneous collateral types, this field could be used for a serial number or other identifying number.

For stock-type collateral items, enter the total number of shares being pledged.

Estimated value

The total estimated value of the collateral item.

·     For stock-type collateral, calculate and enter the current value of the stock shares.

Amt pledged to loan

The amount of the collateral value which is pledged as collateral against the loan. This may be less than the Estimated Value for items such as stocks or bonds, when the entire item is not being used to secure the loan.

The standard Loan Officer Worksheet prints a total of this amount for all collateral items. It is labeled “Estimated value of collateral” on the form.

·        NOTE: When setting up a stock-type collateral item, be sure to complete this field with the amount pledged according to the stock's current value. When the Stock/LOC Disb Value Adjustment feature is used (on menu MNCNFB), this amount will be adjusted if needed according to the current value of the stock from the configured stock type code.

Loan to Value

This is a calculated ratio using only this collateral item. Use Enter to refresh the calculation after changing the Estimated value.

(Loan amount / Estimated value) * 100 = LTV%

·     NOTE: On the Loan Application Financial Summary screen as well as on the printed Loan Officer Worksheet, this ratio calculation will include the value of other collateral items tied to the loan as well.

Value type

(Appears on vehicle collateral types only.) Use this to record what the amount in the Estimated value field represents (either MSRP or NADA).

·     HINT: For any other value types, or to provide additional information as to how the value of this collateral item was ascertained, use F14-Desc/Comments (or click the Description/Comments button).

Trade-in

(Appears on vehicle collateral types only.) Use this checkbox to indicate whether or not there was a trade-in as part of the down payment.

Escrow

This checkbox will appear if the loan category is configured to allow for escrow accounts. If this checkbox is checked, an escrow account is attached to this loan account.

Insurance agent

The insurance carrier for the collateral item, if any. Click the lookup button to display the Insurance Agent configuration screen, where you can view existing agent codes as well as create new agents if needed.

·     Insurance agents are configured using the Collateral Insurance Agent Cfg command on menu MNCNFB.

Policy #

Enter the policy number of the insurance, if any.

Status

The status of the insurance. Click the lookup button to choose from a list of available codes:

A Active

C Cancelled

E Expired

N No insurance

These are standard system codes (stored in file SYSCTL), not credit union-defined.

Expiration date

The insurance policy expiration date, if any.

Premium amount

The premium amount for the insurance, if any.

Premium frequency

The frequency of insurance premium payments, if any. Click the lookup button to see a list of your credit union's configured frequency codes.

Last Date Paid

(Appears on real estate collateral types only.) Enter the date on which the last property tax payment was made.

Next Due Date

(Appears on real estate collateral types only.) Enter the date on which the next property tax payment is due.

Past due

(Appears on real estate collateral types only.) If you know that the property tax payment is currently past due on this item, choose Yes here. Otherwise, choose No or leave the field blank.

·     When the Property Tax Collateral report is run, the system will automatically update the contents of this field based on the date in the Next Due Date field. For more details about this report, refer to the Collateral: Tools for Tracking Property Securing Loans booklet.

Title tracking

(Appears on vehicle collateral types only.) If you need to track the status of Title paperwork on this collateral item, choose Yes here. If not, choose No or leave the field blank. This field is used when printing the Collateral Information report as a way to print a list of only those items that are being tracked for Title information.

·     For more details about tracking title information on your collateral items, refer to the Collateral: Tools for Tracking Property Securing Loans booklet.

Title Status

(Appears on vehicle collateral types only.) If you have received all appropriate Title paperwork on this item, choose On File (F) here. Otherwise, leave the field blank.

·     This status will be used when printing the Collateral Information report. For more details on this report, refer to the Collateral: Tools for Tracking Property Securing Loans booklet.

Verification Date

(Appears on vehicle collateral types only.) If the Title paperwork has not yet been received, this field can be used to enter the date on which verification of this paperwork should be made. When printing the Collateral Information report, you may choose to list only those items with a verification date that has passed, so that measures can be taken to obtain the necessary paperwork.